- A number of the carriers included in their December accounts charges to operating expenses and credits to tax aooruals as a result of
the shortened period of amortization of defense projects. This adversely affects their operating ratios.
Percent Inrease computed on units of dollars.
Includes amortizatlon of Defense ProJeots.

# Report of trustee or trustees.
## Report of receiver or receivers.
a Includes Boston & Albany, Lessor to New York Central.
SDecrease or deficit.